IOY trade ideas
INFY showed a move with a breakoutThe infosys has given a breakout from the previous swing with a volume above the average, however there is a slight problem in the formation which is the the candle pattern, it is long but it is not as strong to make a trade enable. good closing either today or tommorrow will decide the trading initiative.
Like if setup seems WORTH!!!!! NSE:INFY
INFY - Cristopher Nolan PatternINFY has been trading in the range 1665-1755 for almost two months. It has given some move on the upside, although it hasn't crossed/closed above ATH. MACD crossover is at the inflexion point, meaning signal line is about to cross, may be tomorrow. Also, there are multiple reasons why this is a good long candidate.
4) It is trading at 15% discount from IT index, its peers.
3)Has consolidated for a good two months
2)W pattern
1) Cristopher Nolan Pattern --- W inside a W
Everything you need to know is in the chart.
In short term: The first target is 1807 and second target is 1857, keeping it sweet and simple, although it has potential to cross 2000.
Disclaimer: The information provided herein is for educational purpose. Please consult your financial advisor before making any decision.
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Infosys...Both ways trade possible...Infosys has broken out of a triangle...and retest is also done...Go long with a stop loss of 1710...However as a trader you also have to keep thw option of being a false break outbopen...so of it goes below 1710 and RSI is below 50...shorts can be initiated for target of 1680.